Effectiveness of Market Intelligence

Businesses today operate in a world in which data is more readily available than ever before. However, while data is unlimited, time and resources are not. Making critical decisions is a classic challenge which decision makers across organizations face today. They are frequently required to take strategic decisions that can have a significant impact on their business and the environment they compete in, and hence cannot afford to be wrong. Market intelligence supports decision makers by providing them with the relevant information in a timely fashion and helps them in identifying business opportunities/risks and in formulating business strategies accordingly. Importance of Market Intelligence in Business: A recent global survey to measure usage of MI in global companies and the how they have benefitted gave out some interesting findings: Nearly two thirds of companies have plans to further increase their investments in Market Intelligence.